TechFlow reported on October 16 that Hermetica, a developer of Bitcoin-backed stablecoins, has raised $1.7 million in seed funding led by UTXO Management. CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, Silvermine, and several angel investors also participated in the round.
Hermetica has developed USDh, a yield-generating synthetic dollar issued on the Bitcoin network. The company plans to use the funds to strengthen the USDh ecosystem, such as through custodial partnerships and improved liquidity.




